A bill has been submitted to the Singapore Parliament that could allow the Monetary Authority of Singapore (MAS) to benefit from extensive powers. Adopting the project could bring changes and will have a significant impact on crypto companies.

The provisions of the 2024 Financial Institutions Bill (Various Amendments) “would expand the powers of MAS to issue instructions to capital market service licensees (“CMSL holders”) who conduct unregulated activities. According to the draft law style="font-family: "Bookman Old Style”, "serif">, CMSL holders may offer unregulated products that could present risks of contagion to their businesses. walled. Bitcoin (BTC ) futures and “other derivatives of payment tokens traded on foreign exchanges” are cited as examples in the draft.